1. Geopolitical escalation occurred as Iran conducted drone attacks and is drafting a Hormuz Strait traffic protocol, triggering a 13.4% intraday surge in WTI crude oil prices.
2. The U.S. stock market opened sharply lower (Dow -1.33%, Nasdaq -1.67%), largely triggered by Tesla's disappointing first-quarter delivery report.
3. Fed official Logan highlighted that the Iran war increases uncertainty, inflation has not eased enough, and he supported holding interest rates steady at the last FOMC meeting.
Iran Tensions Spike Oil, US Stocks Tumble on Tesla & Fed Cautious
